There’s no wrong time to start a business or open a franchise: there’s only what feels right in your life. When your ideas, determination, finances, and available time come together, you can open that business whether you’re 16 years old or 60 years old. This article suggests making sure you have the characteristics, financing, and family support you’ll need to thrive as an entrepreneur, then making your plan.
This can come at different times in someone’s life. Here are three great stages in which to start a business.
When You Finish School
Whether you’re fresh out of high school, college, or graduate school, you’re looking for a new direction and an exciting opportunity. You’re energized, driven, and hungry for success, and you’re ready to start your career as an entrepreneur. You might not have a huge savings account or much experience, but it also may be that you don’t yet have a family to support and you can afford to make some other sacrifices to benefit the business. Like other entrepreneurs, you’ll learn as you go.
When You Need Something New
The Bureau of Labor Statistics says, “…younger baby boomers held an average of 11.7 jobs from ages 18 to 48. (In this report, a job is defined as an uninterrupted period of work with a particular employer.)” Though it is difficult to track how often people change careers, based on your own experience or the experiences of the people you know, you’ve probably noticed it’s rare for someone to stay in the same job for life.
If you’re feeling burnt out with your job or career, it might be time to switch gears and become a business owner. Turn that fatigue into excitement by looking at a new opportunity.
When You Retire
Retirement is an opportunity to explore your interests, and if you’ve always dreamed of being a business owner, now’s a great time. Your years of experience will help you make good decisions, and you’ll be in good company among business owners: more than half of small business owners are ages 50-88. It’s not too late.
The true best time to open a business is when you’re ready to do so. Don’t let self-doubt stop you. There are a wide variety of resources available to entrepreneurs today, so you’re never alone in the journey. If you think you might like to open a franchised business, contact us for a free consultation.